Fortitude Re works with the world’s leading insurance companies to help them execute comprehensive, transformational solutions for legacy Life & Annuity and P&C lines.
Our deep insurance experience and proprietary risk modeling capabilities allow us to structure bespoke transactions that benefit both insurance companies and their policyholders.
Fortitude Re takes a long-term view on growth and is proud to be backed by a consortium of sophisticated institutional investors led by The Carlyle Group and T&D Insurance Group.
We have been in business since 2017, but our roots in the insurance industry — and the experience of our leadership — go back many decades.
Capital raise from existing investors, Carlyle and T&D, significantly strengthens Fortitude Re’s ability to pursue further growth and provide innovative solutions to the global insurance industry.
Major transaction demonstrates Fortitude Re’s expertise in delivering comprehensive and value enhancing solutions for clients.
Provides new long-term shareholder base, maintaining strong capital position for supporting reinsurance obligations.
Carlyle acquires 19.9% ownership interest in Fortitude Re. Provides Fortitude Re with unique access to Carlyle’s investment capabilities
Fortitude Re enters into a series of Life & Annuity and P&C reinsurance transactions with AIG and receives an initial capitalization of ~$3 BN. The transactions represent ~$37 BN of reserves supported by ~$40 BN of invested assets.
AIG forms a Bermuda domiciled composite reinsurer to reinsure its legacy insurance portfolio in a separate and distinct well capitalized balance sheet. Dedicated and highly experienced management team appointed.
Our strength is apparent in the experience and expertise of our leadership. With an average industry tenure of over 20 years, our team has an impressive track record of successfully managing the most complex legacy liabilities.
Giving back to the community and embracing diversity are at the heart of Fortitude Re's core values.
Fortitude Re took the CEO Action for Diversity & Inclusion pledge to advance diversity and inclusion within the workplace. The pledge is the largest CEO-driven business commitment, bringing together more than 2,000 CEOs who have signed on to cultivate environments where diverse experiences and perspectives are welcomed and where employees feel comfortable and encouraged to discuss diversity and inclusion.
In 2020, Fortitude Re made generous donations to a variety of registered non-profit organizations in Jersey City, Nashville and Bermuda, to advance racial and social equity in these cities and surrounding communities. In 2021, Fortitude Re employees took part in a companywide fitness challenge for charity, taking over 16 million steps along the way. Winners of the Challenge received prizes in the form of donation funds that were shared across family shelters and food banks in Nashville, New Jersey, New York and Bermuda as well as Save the Children US.
YourCause is a wonderful resource that allows Fortitude Re employees to seamlessly create meaningful connections with non-profits. Everyone is able to access YourCause to volunteer for, or donate to , an organization whose mission aligns with their values. And Fortitude Re established a matching program for employee contributions.
Alon Neches is the Chief Executive Officer of Fortitude Re. He is an insurance industry veteran with over 20 years of experience as an operator, investor and advisor in regulated industries. Prior to joining Fortitude Re, Alon was a Managing Director and Partner in the Insurance Solutions business of global investment firm Carlyle.
Previously, Alon held various senior executive roles at AIG, including Global Treasurer and Head of Corporate Development, Chief Investment Officer of the North American Property Casualty Portfolio and Senior Managing Director in Global Capital Markets. He was also a Senior Restructuring Specialist Officer at the Federal Reserve Bank of New York and focused on managing the Fed’s investment in AIG.
Alon began his career as an investment banker at Merrill Lynch & Co. He earned a J.D. from Harvard Law School and a B.S. from Duke University.
Jeff Burman is Fortitude Re’s General Counsel, and is responsible for all of the Company’s legal, compliance and regulatory matters. Jeff brings more than 20 years of broad legal experience in the areas of insurance and reinsurance-related transactions, regulatory matters and dispute resolution. Prior to Fortitude Re, Jeff most recently served as Chief Reinsurance Legal Officer and Deputy General Counsel at AIG. At AIG, Jeff led the legal function for various groups, including Reinsurance; Multinational; Insurance Company Governance; as well as the Canada, Bermuda and Latin America regions.
Prior to joining AIG, Jeff practiced at two leading New York law firms where he represented insurers and reinsurers, investment banks and investors in (re)insurance transactions, including mergers and acquisitions, insurance-linked securitizations and reinsurance contract drafting and dispute resolution.
Jeff is a graduate of Rutgers University School of Law, where he was an editor on the Rutgers Law Journal, following which he served an appellate court clerkship in New Jersey. He is a member of the bars of New York and New Jersey.
In his spare time, Jeff enjoys spending time with his twin daughters and supporting Tottenham Hotspur.
Sean Coyle is the Chief Operating Officer at Fortitude Re, and is responsible for the Operational, Information Technology, and Administration aspects of the Fortitude Re business. Sean brings approximately 20 years of operations and technology experience in the financial services industry, with deep knowledge in the insurance industry as both an operations and technology executive.
Prior to his role in Fortitude Re, Sean was the Global Head of Finance Operations and Reengineering at AIG, where he was tasked with defining and implementing the vision, strategy, and plan for the global finance target operating model with a key focus on the use of shared services. Sean was responsible for the creation and oversight of AIG’s global Finance Centers in India as well as regional Finance Centers in Eastern Europe and South America. In addition to operational responsibilities, his team delivered strategic transformation capabilities across finance, including the oversight and management of change programs, reengineering and process automation, robotics, operating model strategy and strategic project execution.
Prior to joining AIG in 2012, Sean was Senior Vice President of Global Operations & Reengineering at ACE Group (now Chubb), where he was a member of the operations leadership team with global responsibility for the strategy, vision and execution of the operations function. Prior to joining ACE Group in 2006, Sean was a Senior Manager with BearingPoint Inc. in the Financial Services practice and a Lead Application Developer and Architect with Proxicom, Inc.
Sean holds a bachelor’s degree in Computer Science from Florida State University.
In his spare time, Sean enjoys spending time with his wife and three children attending their various sporting events and activities. Sean is an avid supporter of all Philadelphia professional sports teams and enjoys playing golf, tennis, running, and acoustic guitar.
Charles Kasmer is the Chief Underwriting Officer, P&C at Fortitude Re where he leads P&C Corporate Development. His responsibilities include sourcing and structuring new P&C run-off transactions.
Charles has more than 32 years of experience in the reinsurance and insurance industry, with extensive experience in the analysis and structuring of deals involving long tail lines of business, pricing, capital model building and reserving. He has held positions at Zurich Reinsurance Centre, Risk Capital Reinsurance Company, Aon, Employers Reinsurance Corporation, and Quanta Capital Holdings. Prior to Fortitude Re, Charles spent 13 years at Catalina Group, most recently as the Group Chief Actuary.
Charles holds a Bachelor’s degree in Mathematics from the University of Maine where he attended under an athletic scholarship to play football. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.
In his spare time, Charles enjoys cycling, boating, and spending time with his daughter.
Jinney Kim is the Head of Strategic Projects. In this role, Jinney supports high priority projects across the organization with a focus on our clients, our shareholders, and other key external stakeholders. Jinney has extensive experience in life and property & casualty insurance, having spent almost 30 years in the industry. Previously, she was a Managing Director at AIG, responsible for Special Projects for P&C. During her 15 year tenure at AIG, her roles included Head of AIG Rating Relations, as well as Chief Actuary of International Life. Prior to that, Jinney worked in various life actuarial roles at JP Morgan, MetLife and Guardian.
Jinney earned her Bachelor of Science in Economics from Wharton, University of Pennsylvania. Jinney is a Fellow of Society of Actuaries (FSA), CERA and MAAA.
Jeffrey Mauro is the Chief Investment Officer at Fortitude Re, responsible for the implementation of asset allocation and asset/ liability management strategies. Jeff previously served as head of the Cross Asset Initiatives team in the Asset Management Group at AIG, where he developed and implemented processes to facilitate asset allocation decisions for AIG’s investment portfolio.
In 2013, Jeff began his tenure at AIG in the Investments Business Strategy team where he worked to execute the divestiture of certain holdings that were deemed no longer core to AIG’s overall business. Prior to that, Jeff worked in Investment Banking, helping financial institutions to execute capital raising and M&A transactions at Macquarie Capital (USA) Inc. and FBR & Co.
Jeff earned his Bachelors of Science in Finance and Accounting from Georgetown University. Jeff is a Chartered Financial Analyst (CFA) Charterholder.
In his free time, Jeff enjoys playing golf, tennis and spending time with his puppy.
Jack McGregor is the Head of P&C In-Force at Fortitude Re. Jack has spent his entire 28 year career in property & casualty insurance and related fields, with the last 20 years dedicated to P&C legacy and run-off matters.
Jack joined AIG in 2012 as Head of Run-Off Transactions, where he managed all aspects of $7+ billion of gross multi-line legacy insurance liabilities and was closely involved in the establishment, and deconsolidation from AIG, of Fortitude Re. Prior to joining AIG, Jack was Associate General Counsel, Chief Underwriting Counsel and ultimately Head of Disengagement Transactions at Lumbermens Mutual Group (Kemper Insurance Companies), where he was responsible for analysis and resolution of a wide spectrum of legal, regulatory and operational issues related to the solvent run-off of an $11 billion, 11,000 employee, century-old insurance organization. Jack began his professional career as a trial litigator with a large Chicago-based law firm, specializing in insurance coverage, insurance bad faith and appellate work.
Jack holds B.S. and J.D. degrees, with distinctions, from the University of Illinois.
Jack is an avid music aficionado and vinyl record collector. When he’s not working, at a concert, or dabbling in improvement projects, he enjoys hiking the great outdoors with family and friends.
Denise Nichols is the Chief People Officer of Fortitude Re. She is a people and culture executive with more than 30 years of experience building and reinvigorating high performing teams with top market talent. Prior to joining Fortitude Re, Denise was the Chief HR Officer for Voya Health and Wealth Solutions where she was responsible for the overall people strategy to support the business goals including talent acquisition, leadership development, inclusion and diversity.
Throughout her career, Denise has passionately focused on creating company cultures that attract, develop, include and retain talent. Previously, Denise served in various roles at Marsh & McLennan Companies (MMC) including Head of HR for Marsh U.S., Head of Global Talent Acquisition and Chief Administrative Officer for Marsh Global Specialties. Additionally, as an Executive Coach, Denise has partnered with over 70 executives across 20+ countries to maximize their leadership performance personally and professionally.
Denise holds a BA in Psychology from Hofstra University and is certified in the Hogan Assessment Systems and the Insights Discovery Psychometric Assessment.
Andrew Sooboodoo is the Chief Regulatory Officer at Fortitude Re. Andrew has more than 10 years of experience in the (re)insurance industry including pricing, capital and valuation across a broad range of products. Prior to his role at Fortitude Re, Andrew worked at Legal & General Reinsurance Company as the Chief Risk Officer, during an 11 year tenure in various positions across the group. He has worked in Bermuda, the United Kingdom and the United States.
Andrew is a Fellow of the Institute of Actuaries and holds a bachelor’s degree in Actuarial Science from the University of Southampton.
In this spare time, Andrew enjoys spending time with his three daughters and supporting Manchester United.
Kai Talarek is the Chief Financial Officer at Fortitude Re. Prior to joining Fortitude Re, Kai spent more than 20 years in the financial services sector in the United States. He most recently was a partner in the insurance practice of management consultant Oliver Wyman in New York where he spent 14 years focusing on complex risk, finance and strategy issues for insurers. Before joining Oliver Wyman, Kai was a Vice President in the Treasury department of American Express, Vice President of Strategy at Zurich Re, and an engagement manager at Mitchell Madison Group in New York and San Francisco, CA.
Kai holds an MS in Mechanical Engineering from RWTH Aachen, Germany, and an MBA from UC Berkeley in California.
Kai is an avid pilot, and in his spare time he enjoys taking flight with and without engines on airplanes and gliders – as do both his daughter and son.
James West is the Chief Actuary at Fortitude Re where he is responsible for pricing, managing and reserving Fortitude Re’s life insurance businesses. James has 20 years of experience in US Life Insurance with a wide range of Life, Annuity and A&H products.
Prior to joining Fortitude Re, James held various positions at AIG, including Chief Finance Actuary Life and Chief Finance Actuary Legacy. As AIG Chief Finance Actuary Legacy, he was heavily involved in the establishment of Fortitude Re. James also held various actuarial positions at Conseco and earned a Bachelor of Science in Actuarial Science and Statistics from Purdue University. He is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.
Outside of work James enjoys traveling to new locations and spending time with his wife and children. He also likes to participate in recreational activities including golf, watersports, bowling and hiking.
Ming Zhang is the Chief Risk Officer of Fortitude Re, responsible for its global risk oversight and strategies. Ming Zhang is a seasoned financial services executive with extensive experience across investments, insurance, product, risk, capital and financial management. Prior to joining Fortitude Re, Ming Zhang was the Chief Investment Officer of SiriusPoint, where he was a member of its executive leadership team and oversaw the global (re)insurer’s investment strategy and day-to-day investment management. Before SiriusPoint, Ming was the Chief Investment Officer of Third Point Reinsurance. Prior to that, Ming served as Senior Vice President, Head of Insurance and Product Risk Management at MetLife, responsible for MetLife’s global insurance risk management, product risk and pricing oversight, and product and case approvals.
Prior to joining MetLife, Ming worked at American International Group where he had most recently served as Senior Managing Director, Chief Market Risk Officer, responsible for AIG’s global market risk management, strategy and oversight, and heading AIG’s Group Internal Capital program and Portfolio Analytics for AIG Investments. Prior to AIG, Ming was an engagement manager at Oliver Wyman, covering financial services clients.
Ming holds a PhD in Physics from the University of Chicago, and a Bachelor’s degree from Peking University.